Global professional services recruiter Morgan McKinley has released its 2019 Salary Guide for Australia providing not only extensive data on industry salaries, but also examining recruitment insights and offering an expert industry outlook for organisations and candidates alike. The guide provides in-depth data and insights across strategy & innovation, analytics, accounting and finance, IT, risk and compliance, NSW Government and IT and business transformation.
While there has been a clear increase in job opportunities and salaries across a number of our specialist disciplines as companies are trying to attract the best talent, particularly in niche markets, salaries in the Accounting and Finance industry have remained static in the last year for permanent roles.
“We have seen increases in jobs across most of our markets (due to technology and digital transformation), the power of choice is shifting to the candidates with workplace flexibility and other benefits being big draw cards in order for our clients to attract the best talent,” writes Louise Langridge, APAC joint managing director of Morgan McKinley Australia. “At the same time, companies are now recognising the need to offer their own people internal opportunities to develop should they wish to retain their key talent.”
Key 2019 Salary Guide Highlights:
Thinking outside the box: More and more corporates are recognising the need to offer their own people internal opportunities to develop their skills while also recognising the value in bringing in new talent on a regular basis. New talent, often from different industry sectors, can bring fresh thinking and a different perspective to the table in an environment where innovation is essential – this capability is in demand.
Workplace Flexibility on the rise: Companies are recognising that workplace flexibility and a company’s commitment to new technology are the best draw cards to attract the right talent. Organisations are promoting flexible and agile working practices including four day working weeks and flexible working hours.
The Importance of Gender Equality: There is a strong focus on ensuring that there is a fair representation of both female and male employees. In fact, the roles Morgan McKinley’s recruitment experts filled in 2018 across a number of our disciplines, were divided almost equally. In the technical roles within the Business Analysis sector, male employees continue to dominate the market. In 2018 we really saw the diversity agenda broaden in scope beyond gender; taking into account a number of areas such as race, culture, disability, etc.
Royal Commission disrupts the market: The Royal Commission undoubtedly disrupted the Australian market, highlighting how much Australia was lacking in areas such as data privacy and governance. This disruption has, however, also offered opportunities to professionals in the risk and finance sector to help companies navigate those new challenges. Experts also predict that the fallout from the Royal Commission will continue to keep demand for resources high in the financial services world in the year to come.
Technology in the Digital World: New technologies are the way of the future across all sectors and the winners will be those companies and talent that fully embrace and apply those new technologies.
A Hybrid Approach: This is particularly evident in the Project and Change management industry, where the blend of technology vs process initiatives calls for “hybrid” candidates. There is a growing trend for individuals who can wear multiple hats.
Tougher Visa Regulations: On-going visa challenges in Australia are causing businesses to struggle with both cost and time to bring someone into the organisation who requires visa sponsorship.
Power Shift in IT: 2018 was no different when it comes to the high demand for software engineers, architects and cybersecurity engineers. Due to this high demand technology professionals are expected to remain selective about the jobs they choose.